Introduction
Ethereum successfully completed its transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), marking a historic milestone. Despite initial concerns, the merge proceeded smoothly, with minimal disruptions. Competing forks like ETC and ETHPoW failed to gain significant traction, collectively representing less than 4% of Ethereum’s market cap. Meanwhile, the U.S. SEC raised familiar concerns about PoS securities—hinting at potential regulatory challenges ahead. Below, we break down the key events in the critical first 24 hours post-merge.
Timeline of Key Events
1. The Final PoW Block NFT (14:43 UTC, Sept 15)
- Project: @VanityBlocks minted "The Last PoW Block" NFT on Ethereum’s final PoW block.
Memo: Embedded a quote by Terence McKenna:
"If one advances confidently in the direction of their dreams, the universe will conspire to assist them."
- Gas Fee Spike: Temporary surge to 108 Gwei.
2. First PoS Block Goes Live (Block #15537394)
- Validator:
0xeee27662c2b8eba3cd936a23f039f3189633e4c8 - Memo by HashKey Capital: "Supporting next-gen blockchain innovation."
3. Vitalik Buterin’s Comments
- Pre-Merge: Predicted a 0.2% reduction in global electricity consumption.
- Post-Merge: Called it a "proud moment for Ethereum’s ecosystem."
4. Mining Shifts to Alternative Chains (15:00 UTC)
- ETC Hashrate: +55% (92.48 TH/s)
- RVN Hashrate: +35% (10.092 TH/s)
- CFX Hashrate: +55% (1.6158 TH/s)
5. Market Reactions (15:30 UTC)
- Binance ETHUSDT Funding Rate: Improved from -0.5% to -0.24%, signaling reduced short pressure.
- Aave ETH Utilization: Dropped below 75% as borrowed ETH was repaid post-merge.
6. Exchanges Resume ETH Services (16:00 UTC)
- Platforms: Binance, FTX, and others reinstated deposits/withdrawals.
- DeFi & NFTs: All protocols operational.
7. Poloniex Backs EthereumFair (21:00 UTC)
- Chosen Fork: EthereumFair (ETF) over ETHPoW.
- BitCoke: Announced ETF mining support and trading pairs.
8. Miner Exodus (21:40 UTC)
- Luxor Pool Report: 20–30% of ETH miners migrated; rest shut down operations.
9. ETHW Launch & Mining (22:06 UTC)
- F2Pool: Launched ETHW mining pool (Ethash algorithm).
- Price: ETHW debuted at $16.94.
10. Price Volatility (23:05 UTC)
- ETH: Fell below $1,500.
11. Next-Day Metrics (08:00 UTC, Sept 16)
| Chain | Hashrate | Price |
|---------|-----------|----------|
| ETC | 270 TH/s | $35.93 |
| ETHW | 59.87 TH/s| $13.20 |
| ETF | 35 TH/s | $17.33 |
12. SEC’s PoS Warning (Wall Street Journal)
- Gary Gensler: Suggested staking services might "resemble securities lending."
13. Post-Merge Node Centralization (09:00 UTC)
- Top Stakers: Lido (30%), Coinbase (14%), Kraken (8.3%).
- Comparison: Pre-merge mining pools (e.g., Ethermine at 28.9%) showed similar centralization risks.
Key Takeaways
- Technical Success: Merge executed flawlessly.
- Market Stability: No major disruptions in DeFi/NFTs.
- Regulatory Clouds: SEC’s stance on PoS remains a wildcard.
- Alternative Chains: Minor hashrate shifts to ETC/RVN/CFX.
👉 Learn how Ethereum’s PoS reduces energy use by 99.95%
FAQ
Q: Will Ethereum’s PoS make it more centralized?
A: While staking services (e.g., Lido, Coinbase) dominate, PoW mining pools exhibited comparable centralization.
Q: What happened to ETH miners?
A: Most switched to other coins (ETC/RVN) or shut down—only 20–30% remain active.
Q: How did ETH price react post-merge?
A: Dropped below $1,500 briefly but stabilized as markets adjusted.
👉 Explore Ethereum staking rewards